SC reserves order on Jaypee Infratech’s property on Yamuna Expressway

ANI | Updated: Oct 25, 2017 20:41 IST

New Delhi [India], October 25 (ANI): The Supreme Court on Wednesday reserved its order in connection with one of Jaypee Infratech’s properties on Yamuna Expressway that was to be leased out to a Singapore-based company for a period of 21 years.

Earlier in October 10, the Jaypee group moved the Supreme Court, seeking permission to sell off its Yamuna Expressway project.

Jaypee Associates told the apex court that it has an offer worth Rs. 2,500 crore and sought permission to "hive-off" the project.
The Supreme Court has now fixed the matter for further hearing in the case for October 23.

The apex court also, earlier in September, has directed the National Company Law Tribunal (NCLT)-appointed Interim Resolution Professional (IRP) to take over Jaypee associates' management to work out a plan to protect the interests of homebuyers and creditors and also asked the real estate firm to deposit Rs. 2,000 crore by October 27 with its registry.

The Apex Court had also instructed the Jaypee Associates to hand over records to the IRP to draft a resolution plan which will protect the interests of over 30,000 troubled home buyers. (ANI)